XStocksXray

Research report · 16 October 2026

Sba Communications Corp (SBAC)

Real Estate · Telecom Tower REITs · US stock · price as of 16 Oct 2026

Key indicators

Price	$187.06
52-week range	$156.60 – $221.58
Market cap	$19.9B
P/E (trailing)	20.2×
EV / EBITDA	19.1×
Free-cash-flow yield	5.2%
Dividend yield	2.6%
Revenue (last 12 months)	$2.9B
Revenue growth (3y a year)	2.2%
Operating margin	47.6%
Return on invested capital	14.7%
Net debt / EBITDA	7.3×

Fair value

Fair value is not shown for this company.

X-Ray Score

56/ 100 · High confidence · ahead of 66% of sector peers

Valuation71

Growth39

Profitability63

Financial health42

Dividends63

Five-year price chart navy: price · brown: 200-day average · blue band: fair value range

Executive summary

SBA Communications owns and operates wireless communications towers and related infrastructure, mainly in the United States and in international markets such as Latin America. It leases space on towers to wireless carriers, which install antennas and equipment on the structures. Revenue comes mostly from long-term lease agreements with carriers, many with scheduled rent escalators, and it can grow when carriers add equipment or new tenants join the sites.

Over the last twelve months Sba Communications Corp reported revenue of $2.9 billion, which expanded at 2.2% a year across three years. Its operating margin is 47.6% and its return on invested capital is 15%. Leverage, measured as net debt to EBITDA, is 7.3 times. Shareholders receive a dividend, yielding 2.6%.

StocksXray gives Sba Communications Corp an X-Ray Score of 56 out of 100 (high confidence), ahead of 66% of the S&P 500 stocks in its sector. Its strongest lens is valuation (71) and its weakest is growth (39).

XStocksXray

Sba Communications Corp (SBAC)

Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months

	FY2021	FY2022	FY2023	FY2024	FY2025	Now
Price	$358.34	$260.51	$239.27	$195.78	$189.66	$187.06
Market cap	$39.8B	$28.5B	$26.1B	$21.2B	$20.4B	$19.9B
P/E	167.4×	61.7×	51.9×	28.2×	19.4×	20.2×
EV / revenue	22.4×	15.7×	14.1×	12.8×	11.7×	11.2×
EV / EBITDA	34.9×	25.2×	23.3×	20.1×	20.2×	19.1×
Price / free cash flow	37.7×	26.6×	19.9×	19.1×	19.1×	19.2×
Free-cash-flow yield	2.7%	3.8%	5.0%	5.2%	5.2%	5.2%
Price / book	–	–	–	–	–	–
Dividend yield	–	–	–	–	–	2.60%

Fundamentals checklist ● 7 Good · ● 2 Average · ● 6 Bad · each check graded against the sector

Cash quality

Earnings backed by cash−2.5%Bad

Free-cash-flow yield5.2%Good

Risk models

Altman Z score-3.5×Bad

Piotroski F-Score7 of 9Good

Growth

EPS growth (3y)32.4%Good

Free-cash-flow growth (3y)−0.1%Average

Revenue growth (3y)2.2%Bad

Growth consistency70%Bad

Balance sheet

Current ratio0.2×Bad

Net debt / EBITDA7.3×Bad

Interest coverno interest costGood

Valuation

EBIT / EV yield4.2%Average

Profitability

Return on invested capital14.7%Good

Operating margin47.6%Good

Gross profitability18.4%Good

Red flags

Negative equity — Book equity is negative

XStocksXray

Sba Communications Corp (SBAC)

Financials US$ millions, from SEC filings; last column is the last twelve months

Income statement	FY21	FY22	FY23	FY24	FY25	LTM
Revenue	2,309	2,633	2,712	2,680	2,815	2,871
Gross profit	1,763	1,965	2,099	2,098	2,124	2,158
Operating income	782	925	924	1,436	1,343	1,368
Net income	238	461	502	750	1,054	991
Diluted EPS ($)	2.14	4.22	4.61	6.94	9.80	9.27
Free cash flow	1,056	1,071	1,308	1,107	1,067	1,036
Gross margin	76.4%	74.6%	77.4%	78.3%	75.5%	75.2%
Operating margin	33.9%	35.1%	34.1%	53.6%	47.7%	47.6%
Net margin	10.3%	17.5%	18.5%	28.0%	37.4%	34.5%
Balance sheet	FY21	FY22	FY23	FY24	FY25	LTM
Total assets	9,802	10,585	10,178	11,417	11,575	11,742
Cash	367	144	209	190	265	327
Total debt	12,303	12,868	12,324	13,592	12,900	12,729
Equity	-5,283	-5,276	-5,171	-5,110	-4,854	-4,630
Dividend per share ($)	–	–	–	–	–	–

Revenue and net income US$ billions: navy revenue, teal net income

Margins blue gross, teal operating, brown net

Latest quarters

	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue ($M)	664	699	732	720	703	715
Growth vs a year earlier	+1.0%	+5.8%	+9.7%	+3.7%	+5.9%	+2.3%
Net income ($M)	221	226	237	370	185	199
Diluted EPS ($)	2.04	2.09	2.20	3.47	1.74	1.87

XStocksXray

Sba Communications Corp (SBAC)

Peers in Telecom Tower REITs

Company	X-Ray
SBAC · Sba Communications Corp	56
CCI · Crown Castle Inc.	50
AMT · American Tower Corp	49

Market Compass outlook for Real Estate: Unfavourable (20/100). It blends regime history, macro sensitivity, momentum and valuation.

Returns

1 week	+2.5%
1 month	+3.3%
3 months	+3.5%
6 months	−15.1%
1 year	−1.3%
3 years	−1.3%
5 years	−38.3%

Technical summary

DailyBullish10 bullish · 1 neutral · 5 bearish

WeeklyNeutral5 bullish · 1 neutral · 6 bearish

MonthlyNeutral3 bullish · 1 neutral · 4 bearish

50-day / 200-day average	$179.20 / $188.59
52-week low / high	$156.60 / $221.58
Classic pivot, support and resistance	S2 178.93 · S1 183.00 · P – · R1 189.66 · R2 192.25

Recent dividends

Ex-dividend date	Amount per share
20 Aug 2026	$1.2500
22 May 2026	$1.2500
13 Mar 2026	$1.2500
13 Nov 2025	$1.1100
21 Aug 2025	$1.1100
22 May 2025	$1.1100

XStocksXray

Sba Communications Corp (SBAC)

Strengths

Return on invested capital of 14.7% is ahead of 90% of its sector peers.
Operating margin of 47.6% is ahead of 81% of its sector peers.
Free-cash-flow yield of 5.2% is ahead of 81% of its sector peers.
Interest cover of no interest cost is ahead of 92% of its sector peers.
Piotroski F-Score of 7 out of 9: most of the nine accounting health tests pass.
Has raised its dividend for 7 years in a row.

Risks and weak spots

Earnings backed by cash is weak against Real Estate peers (−2.5%).
Altman Z score is weak against Real Estate peers (-3.5×).
Revenue growth (3y) is weak against Real Estate peers (2.2%).
Growth consistency is weak against Real Estate peers (70%).
Current ratio is weak against Real Estate peers (0.2×).
Net debt / EBITDA is weak against Real Estate peers (7.3×).
The Altman Z score of -3.5× is in the distress zone.
Red flag: Negative equity (Book equity is negative).

Latest SEC filings

Date	Form	Items
25 Sep 2026	8-K	2.03
6 Aug 2026	10-Q
3 Aug 2026	8-K	2.02,9.01
24 Jul 2026	8-K	1.01,1.02,2.03,9.01
23 Jul 2026	8-K	8.01,9.01
15 Jul 2026	8-K	1.01,9.01
13 Jul 2026	424B5
22 May 2026	8-K	5.07

How to read this report

Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.